Tuesday, June 2, 2015

Jun 2 - USO long, re-entered UUP short

USO still grinding up.  I am planning to hold through Thurs and probably get out of the way of the OPEC meeting on Jun 5.  It would be great if we get a low volume pullback as the areas indicated in yellow.  If so, I will jump back in with 50% position and bounce in and out until the mini-upleg is over.

Also re-entered UUP short a bit smaller than my initial entry.  Somewhat surprisingly it triggered after I let go of it yesterday.  Potential target would be 2/3 of the retrace of the recent move up and a more aggressive target would be a full retrace of the bounce.  Selling volume today looks promising.

Market is still in chop mode.  Managed to unload AAPL long right after open when it almost made it to even.  Will be watching it to see if the overall market recovers.  If so, I may reconsider another entry but I don't like how it slipped out of its consolidation pattern.


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